China’s VC firm LUN Partners leads $4.5m Series B in fintech firm MFS Africa
By Mars Woo
LUN Partners Group, a Chinese venture capital firm that primarily invests in overseas firms, has led a $4.5-million Series B funding round in pan-African fintech firm MFS Africa.
The funding round makes MFS Africa, operator of the largest digital payments network in Africa, the first African fintech company to receive funding from a China-based VC, according to a statement released on Wednesday.
Amsterdam-based investment firm Goodwell Investments and several angel investors joined the Series B funding round in MFS Africa, which claims to connect over 170 million mobile wallets through more than 100 partners across 55 markets.
The fintech firm said the investment will fuel the expansion of its network in Africa and beyond, and help unlock new capabilities including a merchant services offering, which will allow major retailers and internet companies to accept payments from consumers via their mobile wallets.
Photo courtesy of J.Van de Gevel.